Options Contract Specifications
The soybean oil contract specifications tell you how the soybean oil options trade, not how to trade to soybean oil options. Before you consider opening a commodity options account you should consult with a licensed commodities broker.
Soybean Oil Options
One CBOT Soybean Oil futures contract (of a specified contract month) of 60,000 lbs.
5/1000cent ($0.00005)/lb ($3/contract)
Strike Price Intervals
1/2 cent / lb when the strike price is less than 30 cents / lb; 1 cent / lb when the strike price is 30 cents / lb or greater. At the commencement of trading, list a consecutive series of strikes within 5.5 cents above and below the at-the-money strike.
Oct, Dec, Jan, Mar, May, Jul, Aug, Sep; a monthly (serial) option contract is listed when the front month is not a standard option contract. The monthly option contract exercises into the nearby futures contract. For example, a November option exercises into a December futures position.
Last Trading Day
For standard option contracts: The last Friday preceding the first notice day of the corresponding soybean oil futures contract month by at least two business days.
For serial option contracts: The last Friday which precedes by at least two business days the last business day of the month preceding the option month.
The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Board of Trade clearing service provider by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised.
Unexercised Soybean Oil futures options shall expire at 7:00 p.m. on the last day of trading.
Electronic: 6:00 p.m. - 6:00 a.m. and 9:30 a.m. - 1:15 p.m. Central Time, Sun.-Fri.
Open Auction: 9:30 a.m. - 1:15 p.m. Central Time, Mon-Fri.
Open Auction: OY for calls / OZ for puts
Daily Price Limit
2.5 cents per pound ($1,500/contract) above or below the previous day's settlement price. Limits are lifted on the last trading day.
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